Seoul: Agriculture Minister Song Mi-ryung announced on Monday that the government is committed to stabilizing the supply of essential agricultural inputs amidst the ongoing crisis in the Middle East. Song emphasized that sufficient stocks of critical agricultural products, including fertilizers and agricultural films necessary for the spring planting season, have already been secured.

According to Yonhap News Agency, Song highlighted during a press conference the prompt utilization of the 377.5 billion-won (US$256 million) supplementary budget allocated to the ministry. This budget aims to stabilize the livelihoods of farmers by enhancing support for the purchase of diesel products for farm machinery. The allocation is part of a broader 26.2 trillion-won extra budget approved by the National Assembly earlier this month to address the economic repercussions of uncertainties linked to the Middle East situation.

Song also addressed the government's initiative to reform Nonghyup, the nation's agricultural cooperation and banking group, as a measure to strengthen governance and reinforce the group's checks-and-balances system. This comes after a series of corruption scandals involving Nonghyup, including alleged embezzlement of public funds and accounting fraud, prompted the government and the ruling Democratic Party to propose reform measures last month.

Under the proposed plan, a new audit committee will be established to oversee the group. The reform plan also includes measures to enhance transparency by preventing the group's chairman from exerting undue influence over personnel and management decisions. Additionally, it seeks to establish legal grounds for suspending employees convicted of crimes such as bribery or embezzlement.